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All Forum Posts by: Michael P.

Michael P. has started 29 posts and replied 1875 times.

Post: Clayton Morris / Morris Invest House of Cards starting to fall.

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

I'm currently looking at purchasing 5 turnkeys from either Wolf Blitzer or Matt Lauer.  Does anyone on BP have experience working with either? 

Post: Do you low ball, or make sure you secure the deal?

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

Tell the seller to lose the agent and save 6%.  You get a good deal at 95,000.  Seller gets 1k more than by selling at 100,000 and losing 6K to commission.

(I don't do this .. just being controeversial for fun)

Post: Need advice on condo with high LTV for wholesale transaction

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

“Never split the difference”

Post: Real estate investment club in Washington, DC area?

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

Nice, way too tired on weekdays

Post: Ask me (a CPA) anything about taxes relating to real estate

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

Hypothetical, family member loans 500K to another family member at 5% to buy a primary residence.  In the eyes of the IRS must the lender use an amortization table to determine interest.  Or could they set interest and principle payments to be equal the whole way thru.

So instead of loan being heavy on interest early in the life of loan and heavy on principle late in the life of the loan.

Can the principle/interest be set to equal amounts all 360 payments.

Post: Washington DC - to sell or not to sell

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

Amazon 4 appreciation 10-15 year hold.  

Post: Small Multifamily in DC & Alexandria

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

I'd recommend to review this post:

https://www.biggerpockets.com/forums/86/topics/680...

Post: Washington DC - to sell or not to sell

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

$5,000 a year for property management? What does it require, 1 call to a plumber each year?  I work in DC i'll do it for you for 3,000 per year ;)  I see a lot of this and seriously think about starting my own property management company for these easy expensive rentals.  If I was you i'd cash out refi the 500K to buy another property in Arlington near HQ2.

Post: Anyone bought a multifamily property in Washington DC area?

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

 Arlington County should soon allow accessory cottage type building to be built in the backyard ..  not that that will be the multifamily you were looking for  .. but it’s something 

Post: Next Level Thinking/Truly Passive Income

Michael P.Posted
  • Rental Property Investor
  • Brooke Park Drive
  • Posts 1,951
  • Votes 2,398

NNN duh